Traditional Asset-Based Lending - General Industry

North Mill Capital LLC (“NMC” or “North Mill”) is a leading asset-based lending commercial finance company that specializes in making senior secured asset-backed loans to small and medium-sized companies

NMC was founded in 2010 by its senior management team who originally launched the strategy in 1995 and have worked together for more than 20 years across multiple organizations

Based in Princeton, NJ and currently has ~30 employees with BDO offices in Minneapolis, MN, Milwaukee, WI, Atlanta, GA, Chicago, IL, Newtown, CT and Needham, MA

Loans are collateralized on a first lien basis in all cases primarily by accounts receivable

Portfolio Snapshot

As of March 31, 2020

Structure:

Portfolio Company
(Pass-thru Entity)

Portfolio Size:

~$182 million

Number of Issuers:

157

Average Position Size:

$1.2 million

% of Investments Secured:

100%

% of Investments Floating Rate Coupon:

~89%

Weighted Average Asset-level Yield:

12.5(1)

(1) Represents total interest and fee income, excluding certain one-time fees, for the three month period ending on March 31, 2020 against the average portfolio over the same fiscal period, annualized.